Ethereum's largest holders accumulated at the fastest pace in 10 weeks, setting up a potential supply squeeze.
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Ethereum whales hit 10-week accumulation high as ETH holds above $2,000
Ethereum whale wallets reached their highest accumulation level in 10 weeks, on-chain data shows, as ETH traded at $2,117.
"Sustained whale accumulation typically indicates confidence from large holders, increasing the probability of a breakout above resistance," a CryptoQuant analyst said, citing wallet data.
The accumulation coincides with declining exchange balances, a pattern that historically reduces available supply and creates upward price pressure. Whale wallets added millions of ETH in recent months, according to on-chain data, even as spot Ethereum ETFs experienced volatile flows. ETH has consolidated in a $2,000 to $2,200 range, with $2,000 serving as a technical floor after flipping from prior resistance.
If whales continue accumulating while exchange supply remains low, the setup could trigger a supply squeeze pushing ETH toward the $2,500 resistance level. A weekly close below $2,000 would invalidate the bullish structure and likely accelerate a retest of lower demand zones.
The accumulation trend stands in contrast to the broader skepticism surrounding Ethereum's near-term price performance. Bitcoin advocate Samson Mow said he "feels sorry" for Ethereum, while consultant Austin Campbell questioned whether ETH's long-term valuation model remains clear compared with Bitcoin's.
Ethereum co-founder Vitalik Buterin defended the network's direction, arguing that Ethereum should prioritize decentralization, privacy and censorship resistance over competing solely on transaction speed. "Being as fast and as scalable as possible, and only a small epsilon more decentralized than the others, is a route to mediocrity," Buterin wrote on X. He added that nearly 90% of his net worth is in ETH.
The Ethereum Foundation is pursuing upgrades including Glamsterdam and Hegota, expected to introduce higher gas limits and enhanced security features. On-chain data shows large holders are betting on that roadmap, accumulating through the price weakness rather than distributing.
This article is for informational purposes only and does not constitute investment advice.
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